Getting It Right So, how can banks avoid falling into the trap of “garbage in, garbage out” when it comes to machine learning? Below are six ideas to consider before using your data in machine learning. 1. Data Collection and Preprocessing: Start by establishing standards for collecting high-quality, diverse and representative data. Then, preprocess it to remove noise, handle missing values and balance classes with an equal number of samples if needed. 2. Continuous Monitoring: Data quality is not a one-time task. It should be an ongoing process. Implement data monitoring systems to identify issues as they arise. 3. Diverse Data Sources: Consider using data from various sources to reduce biases and improve generalization. 4. Feature Engineering: In other words, create new features or upgrade existing ones from your data. Sometimes, the right feature engineering can compensate for a lack of data. 5. Model Evaluation: Continuously evaluate your models’ performances. If they’re not meeting the desired accuracy or reliability, it may be time to revisit the data quality. 6. Ethical Considerations: Be aware of the ethical implications of your data. Ensure that you’re not inadvertently perpetuating discrimination or bias. Conclusion In a world where data is the new gold, the old adage “garbage in, garbage out” is more relevant than ever. Machine learning can revolutionize banks, but only when fueled by high-quality data. Financial institutions that recognize this and invest in data quality are more likely to succeed in the new frontier of machine learning. Remember, it’s not just about the algorithms; it’s about the data that feeds them. So, ensure your data is top-notch, and you’ll be on the path to harnessing the true power of machine learning. When was the last time you checked your data? If you’re ready to upgrade your data and unlock the potential of machine learning in your business, visit www.jmark.com or call 844-44-JMARK to schedule a network evaluation today. ■ “Machine learning can revolutionize banks, but only when fueled by high-quality data.” IT’S ABOUT THE CONTACT US TODAY TO PLACE YOUR ANNOUNCEMENT AD Call 801-676-9722 or scan the QR code to fill out the form. Place QR Code Here Employees are motivated when they are recognized and feel valued. It’s about… ▷ Who to congratulate ▷ Who to acknowledge ▷ Who to thank for a job well done This magazine is a great platform to celebrate your team’s accomplishments! The Show-Me Banker Magazine | 25
RkJQdWJsaXNoZXIy MTg3NDExNQ==